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Since May, the Euro had gained almost 10% versus the Dollar and the nominal effective exchange rate was at its highest level in more than six years, even if it had only appreciated 5% during the same three-month period. This kind of abrupt currency strengthening always raises questions about the impact on the economy and any policy reactions, especially as we have an ECB meeting next week.And right on cue, the ECB’s Chief Economist Lane was on the wires yesterday saying, “the euro-dollar does matter”. So, is this the start of verbal jawboning to get the single currency lower? That... Read More
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